C&D Newin Paper & Pulp Corporation Limited 建發新勝漿紙有限公司 * (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 731) （股份代號：731） NOTIFICATION LETTER 通知信函 26 September 2025 Dear Registered Shareholder(s), C&D Newin Paper & Pulp Corporation Limited (the "Company") — Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.cndnewin.co ...

Core Viewpoint - The company announced that its board was informed by Hong Kong Paper Source Limited about the acquisition of 55% shares in NCD Investment Holding Limited by Glenfor Investment Holding Limited, which simplifies the ownership structure of Hong Kong Paper Source [1] Group 1 - Hong Kong Paper Source, a major shareholder holding 70% of the company's issued share capital, has informed the company about the acquisition [1] - NCD Investment Holding Limited, which is the direct controlling shareholder of the company, held 990 million ordinary shares, representing 70% of the issued shares prior to the acquisition [1] - Following the acquisition, NCD will become a wholly-owned subsidiary of Hong Kong Paper Source, streamlining the ownership structure [1]

Core Viewpoint - The announcement reveals that Hong Kong Paper Source Limited has acquired 55% of NCD Investment Holding Limited, simplifying the ownership structure of the company [1] Group 1: Acquisition Details - Hong Kong Paper Source, a major shareholder of the company, has informed the board about the acquisition of 55 shares of NCD, representing 55% of NCD's total issued share capital [1] - Prior to the acquisition, NCD was held 55% by Glenfor Investment Holding Limited and 45% directly by Hong Kong Paper Source [1] - Following the acquisition, NCD becomes a wholly-owned subsidiary of Hong Kong Paper Source [1] Group 2: Ownership Structure - NCD is the direct controlling shareholder of the company, holding 990 million ordinary shares, which accounts for 70% of the total issued shares [1] - The main reason for the acquisition and adjustment of the ownership structure is to simplify the equity structure of Hong Kong Paper Source [1]

（股 份 代 號：731） 自願公告 控股股東股權架構變動 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 C&D Newin Paper & Pulp Corporation Limited 建發新勝漿紙有限公司 * （於 百 慕 達 註 冊 成 立 之 有 限 公 司） (i) 為70%已 發 行 股 份 的 直 接 股 東；及 建發新勝漿紙有限公司（「本公司」）董 事（「董 事」）會（「董事會」）獲香港紙源有限 公 司（「香港紙源」，本 公 司 控 股 股 東 之 一，間 接 持 有 本 公 司 已 發 行 股 本 的70%）知 會，其 已 向Glenfor Investment Holding Limited（「Glenfor」）收 購NCD Investment Holding Limited（「NCD」）的55股股份（「收購事項」），相 當 於NCD已發行股本總數的55%。 (ii) ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建發新勝漿紙有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00731 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.05 HKD | | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.05 HKD | | | 100,000,000 | | ...

Core Viewpoint - Jianfa Xingsheng (00731) reported a net loss of HKD 41.16 million for the first half of 2025, representing a year-on-year increase of 21.7% in losses, attributed to a decline in revenue and pricing pressures in the paper products market [1] Financial Performance - The company's revenue for the first half of 2025 was HKD 640 million, a decrease of 3.7% year-on-year [1] - The basic loss per share was HKD 0.029 [1] Market Conditions - The decline in revenue is primarily due to a complex and changing international trade environment, weak consumer market recovery, and overall pricing pressure in the packaging paper market, leading to a drop in unit selling prices for paper products [1]

Core Viewpoint - The company reported a decrease in revenue and an increase in losses due to challenging market conditions and pricing pressures in the paper products sector [1] Financial Performance - For the six months ending June 30, 2025, the company's revenue decreased from approximately 664.6 million HKD to about 640.0 million HKD [1] - The company recorded a loss of approximately 41.2 million HKD, which is an increase of about 7.4 million HKD compared to the loss in the same period of 2024 [1] Market Conditions - The decline in revenue is attributed to a complex and volatile international trade environment, weak consumer market recovery, and overall pricing pressure in the packaging paper market [1]

Core Insights - The company, Jianfa Xingsheng (00731), reported a mid-year performance for 2025 with revenues of HKD 640 million, reflecting a year-on-year decline of 3.7% [1] - The company experienced a net loss of HKD 41.16 million, which is an increase of 21.7% compared to the previous year [1] - Basic loss per share was reported at HKD 0.029 [1] Revenue Analysis - The decrease in revenue is attributed to a complex and changing international trade environment, weak consumer market recovery, and overall pricing pressure in the packaging paper market, leading to a drop in unit selling prices for paper products [1]

Core Viewpoint - Company reported significant growth in revenue and net profit for the first half of 2025, driven by the rapid expansion of its liquid cooling plate business for electric vehicle batteries and overseas communication services [1][2][3]. Financial Performance - Revenue for the first half of 2025 reached 541 million yuan, a year-on-year increase of 43.9% [2][3]. - Net profit attributable to shareholders was 17.6 million yuan, showing a remarkable growth of 520.71% compared to the previous year [1][3]. - Operating profit was 23.67 million yuan, up 405.78% year-on-year [2][3]. - Basic and diluted earnings per share increased to 0.14 yuan, a 600% rise from the previous year [3]. Business Segments - The polymer materials segment generated 229 million yuan in revenue, a growth of 6.04%, with ongoing collaborations with major telecom companies [4]. - The thermal management systems segment saw revenue of 311 million yuan, reflecting a substantial increase of 95.31% [5]. - The company is actively developing data center cooling solutions through its subsidiary, focusing on liquid cooling technology [5][6]. Market Trends - The liquid cooling sector has experienced a surge, with an increase of 28.54% in the related market since August 2025, driven by the demand from AI and electric vehicles [1][7]. - The company aims to leverage its resources to innovate and industrialize data center liquid cooling technology, positioning itself for future growth [6][10]. - The integration of liquid cooling systems in data centers is accelerating, with major cloud service providers expanding their capacities to support such technologies [10].

Core Viewpoint - Company reported significant growth in revenue and net profit for the first half of 2025, driven by the rapid expansion of its liquid cooling plate business for electric vehicle batteries and overseas communication services [1][2]. Financial Performance - Revenue for the first half of 2025 reached 540 million yuan, a year-on-year increase of 43.9% [2]. - Net profit attributable to shareholders was 17.6 million yuan, reflecting a substantial growth of 520.71% compared to the previous year [2]. - Operating profit was 23.67 million yuan, up 405.78% year-on-year [1][2]. - Basic and diluted earnings per share increased to 0.14 yuan, a 600% rise from the previous year [2]. Business Segments - In the polymer materials sector, the company generated 229 million yuan in revenue, a growth of 6.04% [3]. - The thermal management systems segment saw revenue of 311 million yuan, marking a significant increase of 95.31% [3]. - The company is actively developing data center cooling components through its subsidiary, focusing on collaborative manufacturing and self-production [3][4]. Market Trends - The liquid cooling sector has experienced a surge, with an increase of 28.54% in the sector since August, driven by the demand from AI and electric vehicles [6]. - The company plans to enhance its data center liquid cooling technology and industrial application in the second half of 2025, aiming to seize industry opportunities [5][9]. - The rise in demand for liquid cooling solutions is attributed to the increasing heat density in computing equipment and data centers, necessitating advanced cooling technologies [9].